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Article (85): Consequences of Liquidation Decision

The issuance of the liquidation decision shall have the following consequences:

1)

The liquidator adds the phrase (under liquidation) next to the name of the Company in all its documents and correspondence;

2)

Discontinuation of any delegation of authority or signatory power issued by any entity, and the liquidator shall be exclusively competent to grant any delegation of authority or signatory power required by the liquidation proceedings;

3)

Suspension of the statute of limitation that leads to the inadmissibility of the lawsuit with regard to any rights or claims due or existing in favor of the Company for a period of one year starting from the date of issuance of the liquidation decision;

4)

Stay of cases and proceedings brought by or against the Company for a period of six (6) months, unless the court decides to proceed with such cases before the expiry of this time period, without prejudice to the provisions of Clause (5) of this Article; and

5)

Stay of any procedural or executive transactions against the Company, unless such transactions are based on the request of a pledgee and related to the pledged property, in such case, such transactions shall be discontinued or their acceptance shall be prevented for a period of (6) six months from the date on which the liquidation decision is issued.